Leo Kelion

speaker

268 appearances 3 recordings 1 series first heard Jun 2026 last heard 4 Aug

Leo Kelion’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 3 in all, peaking in Jun 2026 with 2.

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Short Briefings on Long Term Thinking - Baillie Gifford · SpaceX: past, present, future – and finding the next world-changers · 4 Aug 2026 podcast

And a few months later, three of our investment trusts, EWIP, which you now co-manage, Scottish Mortgage and US Growth Trust, all invested in the company, followed a little later by

Shahalian, I went back to read that note as well.

And there was one phrase that jumped out at me.

I wonder if I can quote it to you.

Now that comparison carries a little bit of baggage bearing in mind that the East India company ruled an empire by force.

I'm hoping that wasn't what you were getting at.

So what was the point you were making?

And I think you made this point about vertical integration being similar between the two.

Take the jargon out of that and explain what that means.

So in that original thesis, you managed to see a lot of what was going to happen and you got a lot of that right.

But was there anything that you got wrong in your original notes?

So if I bring things up to date to the here and now, I know some of Bailey Gifford's other portfolios that either didn't or couldn't invest in SpaceX before managed to get near full allocation of the stock at IPO before trading began.

And that was in large part because of the long relationship that we've had with the firm.

But if we put access to the IPO to one side and also all the

early growth that we captured for some of our investors in the trust that invested in it.

What advantages has Bailey Gifford derived from having been an investor in SpaceX for so long?

And how about other companies?

Has having a holding in SpaceX informed some of Bailey Gifford's other investments?

So these are effectively satellites that are higher up, so they hover in place.

Is that right?

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